Michigan Laws 324.5415 – Annual establishment of interest rates
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Terms Used In Michigan Laws 324.5415
- Assistance: means 1 or more of the following activities to the extent authorized by the federal safe drinking water act:
(i) Provision of loans for the planning, design, and construction or alteration of waterworks systems. See Michigan Laws 324.5401Department: means the department of environment, Great Lakes, and energy or its authorized agent or representative. See Michigan Laws 324.5402 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
The department shall annually establish the interest rates to be assessed for projects receiving assistance under this part. In establishing interest rates under this section, the department may provide for a different level of subsidy for projects. The interest rates must be in effect for loans made during the next state fiscal year. The interest rates must be in effect for loans made during the next state fiscal year.